Current methods for initiating remittance transactions rely on web interfaces provided by the major funds transfer agencies such as Western Union and MoneyGram International. There are known shortcomings and limitations related to current remittance processes. In particular, the funds transfer agencies themselves are plagued with a high degree of fraud related to remittance transactions that are initiated at their public web portals. For example, a credit card number can be used as the funding source for the remittance transaction. However, after the transaction is complete and funds have been redeemed, the funding of the transaction can be challenged by the cardholder using a “charge back” to the card issuing bank.
Accordingly, there is a need for an improved method and system for accomplishing remittance transactions. In particular, there is a need for a remittance method and system that reduces fraud.